We received many enquiries regarding the FX SCAMS and the indication that they should be aware. Thus we decided to make the truth of FX SCAMS expose for everyone.

LEARN THE SIMILARITY OF FX SCAMS FROM MYFXBOOK.

Priority check: Check the broker on Myfxbook top left corner. If you find the unknown broker did not hold top tier 1 or 2 licenses (UK, Swiss, US, Australia, Canada, SG, Japan), AVOID IT. Scammers will not spend millions dollar to buy a good license for the purpose of scam. All FX SCAMS operate and collect funds by using offshore firms.

Secondary check: Check the Myfxbook performance on the left which stated Monthly and Drawdown. If you find illogical high returns and low drawdown, you sense something wrong. God does not exist in the real trading world. Every trader experienced drawdown.

Third check: All the charts of FX SCAMS have pretty solid growth curve, without zip zap nor drawdown period. They cant afford to have any drawdown as this will kill the investors and marketers confident.

[After this post, SCAMMERS may start to raise their drawdown. Yet they still can't get any top-tier license.]

We have picked 5 FX SCAMS as examples for everyone to learn the skill. Please check out the Myfxbook screenshot as below.

1. MIA (James Harisson) - Game over, all investors suffered total loss.
2. TriumphFX (EOB) - Scammed several times via Hong Kong, New Zealand firms. Remain very active. Mislead by Cysec license, but in fact they are scamming with offshore.
3. SamTradeFX (FIN888) - Very active. Unregulated. Use white label license to mislead investors.
4. VexTrader - Very active. Mislead by using Canada FINTRAC, it's not a FX license, Canada Financial license is under IIROC.
5. Grex Capital - Very active. Using Labuan license, it's a tier 3 license without strict requirement.

DONT LET THE FX SCAMMERS CHEAT YOUR HARD EARN MONEY DURING THIS MCO!

Yes, I told him so that we are not going to discuss further.

Anyone here able to verify authencity of FDX Capital??
Victimised before? Unable to withdraw? Wanna do a background check on it

Please help to review TMGM, https://www.tmgm.com/en, they hold ASIC and VFSC license

would be good to see in the list at first post under those listed as scam Forex, which one has already been proven busted.

Hi DrFX,

Thanks very much for your answers above!!

Meanwhile, with reference to your answer that there should be no capital gains tax on our "foreign investments", which can include our FX trading/investment with overseas brokers, let's imagine that I'm a full-time Day Trade with high frequency of trades weekly, and I may only withdraw my profit (if any) say only once a month.  In such scenario, then do you think LHDN would query me if I'm actually trading/investing for INCOME purposes (which will then be taxable I believe) due to my high frequency of trading transactions (as can be seen in my FX Monthly Statements), instead of just growing my capital from initial investment??

I just wonder under what circumstances a Retail Trader/Investor could prove to LHDN that we're trading/investing for Capital Gains and not for INCOME purposes.

Appreciate your further advice/feedback if possible.

Cheers!

You're right, Belize, big big big red flag there. I just hope that people can stop going to these offshore brokers. Why can't they just stick to Tier 1 regulated brokers.
They are delegitimizing forex as a genuine source of income here in our country and giving a bad name to us bona fide traders.
All these scam cases are why until today BNM has never granted license to legit brokers like Oanda, Gain Capital, IG, Saxo and the likes. The more people that going for these scam brokers the harder it will be for legit brokers to enter our shores.
How nice if they are in here and we are able to deposit MYR. We can save so much conversion and TT fees.
I just hope that Malaysians that are interested in forex can get educated and not fall for these scam brokers so that one day forex brokers can be granted license by BNM here.

I hate it whenever newspapers censor the names of culprits.
How are we supposed to know who are the ones that we need to avoid if they keep the identity of criminals hidden.
Journalism is about being a public service for the good of society.

CP Markets ended the game with massive fake losses on non exist closed prices! Must be got hacked again.

UTS is a marketing agent. Not broker. I don't think they have a broker license in Labuan.

I saw how Lahuan regulation restrict the choice of deposit/withdrawal of funds. They only allow bank transfers and use only local bank.

They don't do third party gateway.

So watch out when there is a broker from Labuan telling you to deposit by sending money to money changer. This doesn't pass compliance requirements.

Hi experts.
I was invited to invest in Triumph FX with a minimum investment of USD100. Now I've read in this thread and 1st page list that it's a scam. I'm a noob when it comes to these kind of investments. My question is, how come they're still around for so long if they're a scam? And secondly, do you think it's ok to put in USD100 just to test the water?

Then how to ensure other broker not key in any open price also. How to check it?
Other broker might do the same on the back end.

Yeah bro,

My friend kept asking me to invest since Nov 2020. Said he had invested for over a year already. Showed me some LIVE trading videos & just to oblige him, I also joined a few weekly zoom meetings to listen to the presentation & testimony from other members. Even told me that he has met the country 'manyzer' from Penang before. In April, I had lunch with him & told him something is really 'off' about this investment scheme. There was very little accountability. I felt uncomfortable.

Firstly, he told me YURI is a new investment plan. GM1 & GM2 + other fanciful naming plans, already full liao. Then when I probed further about the trader's profile, he said YURI is actually not a specific individual, but a group of traders trading under the YURI banner. Oh, how convenient, so now we have a bunch of faceless, nameless traders, but we're to fully entrust them with our funds? Easier to pull an exit plan, eh?   

He unfriended me that very same afternoon! WhatsApp also block. Profile can't see liao. Msgs also single grey tick only It's been 2 months since. A friend that I've known for 20 years. I guess he took offence, when I questioned his investment decisions.

I've been doing fx for more than 15 years, & I didn't quite understand how you could scam through PAMM. Then it hit me, in order to manipulate data, you basically need to fully own the brokerage, in order to purchase MT4 from Boston Technologies & have full control over the back office, front office, basically a top-down operation.
It always begin with 'testing the water' with a small amount. No harm, right?

Then, when they give you a few cycles of returns, it reinforces you with fake confidence & you plough in more capital. It sucks you in. That's when you'll get badly burnt. All ponzi schemes practice the same MO. They will collapse, once payouts exceed deposits. That's why they have to actively recruit, incentives paid in the form of referral fees from the 'pool'. In the mean time, they put you on a 'slow drip' of 5-7% paid out, only every 5 weeks.

Heck, my 'ex-friend' kept reinvesting his returns, hoping to compound his profits. Everyone wants the snowball effect. So in reality, how many actually withdraw anything? Some do, but majority of the investors don't. Because until you see $$$ in your bank account, the profits paid out to you, are just 'numbers' shown on their software. They're just 'numbers'. A few clicks later, & you have just 'reinvested' & got your funds locked in for another cycle.

It's a psychological aspect that these scammers use to their full advantage. They know that most people are greedy by nature.

1 cycle every 5 wks. They give you 5-7% ROI. So how many months are they actually paying you profits, from your 'own' money?

Thank you!

They are offering partnership with me because I am running a trader discussion group.

All Forex brokers listed on the first page, whether they are licensed in Tier-1 or not, is considered illegal and cannot operate in Malaysia. Hence deposit and withdrawal is the main issue with Malaysian trading Forex. I think the loophole was rerouting payments to other third-party companies and issue payment instructions on behalf of the broker, sort of like a big network of payments.

Credit card deposit has its own issue too. Just last week I deposited USD 1,000 to ICMarkets with an HSBC card and a few hours later the card get a fraud alert and is automatically terminated. HSBC sent a new card after a few days.

I told HSBC before making the transaction.
On top of that, ICMarkets requires VBV OTP. This is a second level that confirms the card owner is making the transaction.

Yet they still terminate the card.

I have another question regarding verifying a genuine broker.
Other than Tier 1 regulation, they are supposed to have segregation account, I was told that it is quite hard to check if they are having segregation account, but we can look at the account name on wire transfer section, and it should have a name like "xxxx client segregation account", but someone told me that this is just a simple way for verification, even they don't contain "client segregation account" word in the name, it doesn't means that it isn't a segregation account.

What is your opinion on this?

Latest announcement from Singapore MAS, SamTradeFX has been added to alert list after few months investigation.



We do not call a FX SCAM without solid evidences, you can choose not to believe us, but you will learn your lesson soon or later.

We appreciated all the members here who take serious consideration on our advise.

Dear DrFX,

On 10 Dec 2020 (post #3421, page 172), 24 Dec 2020 (post #3440, page 172) & 28 Dec 2020 (post #3443, page 173) in this thread, I was sharing some personal experience and information supposedly indirectly related to TradeHall when I was asking you guys about it then too.

https://forum.lowyat.net/topic/3774126/+3420
https://forum.lowyat.net/topic/3774126/+3440

I only know that "Value Envision" is still running their FX education/academy in association with TradeHall being their broker.
https://ve.education/about-us-2/

I believe they also are running some PAMM scheme....

Please do share or feedback here if anyone has had (good/bad) experience with them (VE or TradeHall or both) too.